Crude & Gasoline Inventory Draws Below BBG Est; Unexpected Distillate Build

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Crude & Gasoline Inventory Draws Below BBG Est; Unexpected Distillate Build

USA | Energy EquityJulyResearch15, 2026

Exhibit 1 - Total Crude Oil Inventory (incl SPR)Crude & Gasoline Inventory Draws Below BBG

Est; Unexpected Distillate Build

Inventories built overall this week, with combined crude oil, gasoline, and

distillate stocks increasing ~1.33mn bbl vs the BBG median estimate of a

~6.26mn bbl overall draw.

Source: Bloomberg, EIA, Jefferies.Crude inventories (incl SPR) continue to draw (Ex 1). SPR released 3mn bbl to a .

40yr low (Ex 2). Overall product exports down this week (Ex 3) led by Propane, Exhibit 2 - Long-term US SPR Trend

Kerosene exports up (Ex 4).

PLEASE ACCESS THE FULL REPORT VIA THE LINK BELOW FOR DETAILED

SLIDES AND GRAPHICS OF THE RELEASED DATA

Crude oil inventories drew ~1.69mn bbl vs the BBG median estimate of a ~2.41mn bbl draw.•

Gasoline inventories drew ~1.53mn bbl vs the BBG median estimate of a ~2.00mn bbl draw. .Source: Bloomberg, EIA, Jefferies.•

Distillate inventories built ~4.56mn bbl vs the BBG median estimate of a ~1.85mn bbl draw.•

Cushing crude stocks built ~0.43mn bbl to ~20.04mn bbl, ~6% lower y/y. Exhibit 3 - Total Oil Products Exports•

Refinery runs increased ~100kpbd w/w to ~17.12mmbpd, ~2% higher y/y.•

Implied crude oil demand increased ~0.73mmbpd w/w to ~19.79mmbpd, ~2% above year-•

ago 3-wk moving avg.

Implied gasoline demand decreased ~61kbpd w/w to ~9.81mmbpd, ~2% above year-ago 3-•

wk moving avg.

Implied distillate demand decreased ~1.28mmbpd w/w to ~4.70mmbpd, ~7% below year-•

ago 3-wk moving avg. .Source: Bloomberg, EIA, Jefferies.

Crude adjustment factor was 400kbpd, an increase of 449kbpd vs week-ago level of (49) kbpd.•

Exhibit 4 - Kerosene Jet Fuel Exports

Weekly Change in Oil and Products Inventory

6,000 4,556

4,000